Key Takeaways
- • Hong Kong now hosts 3,384 single-family offices (SFOs) as of end-2025, an increase of 681 over two years since end-2023, according to a Deloitte market study commissioned by InvestHK.
- • SFOs collectively contribute about HK$12.6 billion annually to the local economy through operating expenditure and directly employ over 10,000 full-time professionals.
- • All surveyed SFO respondents plan to either increase (60%) or maintain (40%) their Hong Kong positions over the next three years, with none considering reductions.
- • Tax efficiency (90%), mature capital markets (85%) and proximity to Mainland China (72%) are cited as the top competitive strengths of Hong Kong as a family office destination.
- • Investors are reducing US exposure in favour of Hong Kong, Mainland China and Asia-Pacific, with private equity leading alternatives and growing interest in digital assets.
Summary
Deloitte's latest market study, commissioned by InvestHK and building on its 2023 baseline research, estimates that Hong Kong is home to 3,384 single-family offices as of the end of 2025, according to Deloitte Private Hong Kong Leader Anthony Lau. That represents an increase of 681 over the two years since end-2023, roughly a 25% rise. The estimate covers SFOs only; multi-family offices (MFOs) are excluded from the count, though the study notes they are also a significant part of the ecosystem.
The research surveyed 136 market participants, including 121 family offices (85 SFOs and 36 MFOs), alongside banks and professional service providers, and included 21 in-depth interviews. Responses were collected between October and December 2025. Lau said over half of surveyed SFOs have second-generation members or beyond in leadership positions, indicating intergenerational wealth transfer is underway. Deloitte China International Tax Partner Roy Phan said the outlook reflects Hong Kong's stock market performance last year and the city's mature capital markets.
On investment preferences, reducing US exposure and refocusing on Hong Kong are the primary geographic themes among SFO respondents, who also expressed optimism toward Mainland China and the broader Asia-Pacific region. Technology/media and healthcare are the most favoured sectors, with artificial intelligence a particularly popular theme. Public equities remain core holdings, while private equity leads the current alternative allocation and interest in digital assets is growing. MFO clients largely mirror these trends.
Deloitte estimates SFOs contribute about HK$12.6 billion annually through operating expenditure and directly employ more than 10,000 full-time professionals, with the actual impact likely greater when MFOs and service providers are included. Rita Chan, Deloitte China Hong Kong Consulting Partner, said 74% of surveyed SFOs and 94% of MFOs plan to expand Hong Kong operations, including hiring, office upgrades and AI deployment. Family offices also engage in philanthropy focused on education and healthcare.
Government tax concessions are regarded as the most important policy measure, according to Lau, and a planned expansion in 2026 will extend tax-exempt coverage to digital assets, loans, private credit and other investment types for family-owned investment holding vehicles (FIHVs). Interviewees frequently compared Hong Kong favourably to Singapore, with families preferring to establish SFOs in Hong Kong and some financial institutions reporting client migration from Singapore. Lau said the ecosystem is now focused on integrating family capital and next generations into the city's long-term development.
The research surveyed 136 market participants, including 121 family offices (85 SFOs and 36 MFOs), alongside banks and professional service providers, and included 21 in-depth interviews. Responses were collected between October and December 2025. Lau said over half of surveyed SFOs have second-generation members or beyond in leadership positions, indicating intergenerational wealth transfer is underway. Deloitte China International Tax Partner Roy Phan said the outlook reflects Hong Kong's stock market performance last year and the city's mature capital markets.
On investment preferences, reducing US exposure and refocusing on Hong Kong are the primary geographic themes among SFO respondents, who also expressed optimism toward Mainland China and the broader Asia-Pacific region. Technology/media and healthcare are the most favoured sectors, with artificial intelligence a particularly popular theme. Public equities remain core holdings, while private equity leads the current alternative allocation and interest in digital assets is growing. MFO clients largely mirror these trends.
Deloitte estimates SFOs contribute about HK$12.6 billion annually through operating expenditure and directly employ more than 10,000 full-time professionals, with the actual impact likely greater when MFOs and service providers are included. Rita Chan, Deloitte China Hong Kong Consulting Partner, said 74% of surveyed SFOs and 94% of MFOs plan to expand Hong Kong operations, including hiring, office upgrades and AI deployment. Family offices also engage in philanthropy focused on education and healthcare.
Government tax concessions are regarded as the most important policy measure, according to Lau, and a planned expansion in 2026 will extend tax-exempt coverage to digital assets, loans, private credit and other investment types for family-owned investment holding vehicles (FIHVs). Interviewees frequently compared Hong Kong favourably to Singapore, with families preferring to establish SFOs in Hong Kong and some financial institutions reporting client migration from Singapore. Lau said the ecosystem is now focused on integrating family capital and next generations into the city's long-term development.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.